Pseudo Rally Failed?

Yesterday the banknifty shoot up from 12500 to 12850 level and the 650+ level we have seen a 'runing gap ups' and during closing the 'exhaustion gap up's seen.The Nifty and Banknifty futures were traded in high premimum when we compare with the spot.The gap's were very wide for banknifty about 100-points wide which we understood the weakness

(The Ground Reality is seen) and pseudo rally . We are very much sure all these gaps will be narrowed and the left over gaps must be filled today.That was proved today all gaps were filled.

Today we went short in the opening in 12880 and covered the same at 12828.When it broke the 800 level we sold again as we expected the ' island of reversal ' and as per our expectation it happened and the market fell from 12800 level to 12560 level.We almost attempt every level sell and cover and out of 7 trades 2 SL were hit. Over all we made good gain.We sold near the day high but covered short so soon as the market many times witnessed false breakdowns.if we would have kept our short from 12880 level to 12600 level we would have made 280 points in one stroke..but considering safety coverd soon.

Now what we can expect Tomorrow?

The 12600 -700 level seems to be a kind of consolidation and side ways zone.The banknifty falling down to 12500 level now brings fresh selling and the bear may over power...till then it is going to be a real tug-of-war between bulls Vs bears.Today the banknifty high was 12888 whis is all time high and nifty made day high 6317 and the all time high was at 6346 and the break out of this level failed and a steep fall of nifty is an indication of a minor correction may possible.I feel the relief rally in banknifty is a failure one.

The Banknifty May Fall Down!

The Friday the banknifty witnessed weakness and it was closed around 12530 level and today it opened in gap up.'Inspite of this gap up opening the banknifty was unable to move beyond 12630 level'. The day high was 627 and day low was 510 ...the whole day it was caged in this tight zone and in the afternoon session a steep recovery was seen from 12520 level to 580 but it was unable to sustain in this level or unable to cross the 12600 levels.That shows a weakness sign..As per my observation there is not much fresh buying seen as expected...when the market open in gap up about 100 points...when usually this happen the short covering panic buying or fresh buying would have come and that woud have took up the market further high's...and today it was not so?. So can we take this as one of the factors for weakness

We initiated a short in the opening around day high in 12623 and placed buy at 12567 and waited and covered...As the market was in narrow zone we made 4 attempts and 1 sl was hit.Over all it was a pleasant trade as far as the profit is concerned.

Now What we can Expect Tomorrow?

i expect the next 2 session the market may show choppines or side ways trend..and there on, we can study further or forsee the trend. The Banknifty is now weak below 12380 and attract fresh selling...if , This happen, a free fall is expected. The Nifty now strong above 6208 and weak below 6118 and a free fall may happen down 6082 level.

Trade for profit- Do not apply your mind/Ego in trading...When you start fullfilling your ego in prediction, you may fail in making profits.Do not allow your ego to curtail your profits. just follow market pulse and your trading plan with strict stoploss.

Intraday Banknifty Futire Update at 1.30pm

Friends,

Yesterday i was busy and unable to up date the post.We have made about 200 points in intraday.This week is very good for us as the banknifty was adapting all our technical predictions and we made a good gain.Today opening we sold at 12600 and covered at 554 and again sold near 604 and covered at 512....This week alone we made about 513 points gain in banknifty which is great to achive only in intraday.I too aware many visitors of this site may not belief.The reasons are > The people who is in the market is already filled with many stories and will not hear what we say...The people who is new may not understand what we are talking about.

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The banknifty now trades in 12500 level a breakdown below 12454 will bring fresh selling...i am expecting a red closing today.The nifty fall down to 6084 is blood bath...be cautious in your trade and keep the trigger price wide in your sl-for longs...there may be a jump down running gaps.

Update After Market Closing/Post Market View

Again we made 3 attmpts and suceded in 2 and one sl hit about 16 points..We sold in 12623 level and placed buy at 512 and a steep fall the buy order that was well placed before was bought and made 111 points gain in one stroke in the after noon session.Again we sold at 12520 and covered at 466 and 3rd attempt sold in 526 and place sl at 536 that was triggered...Over all the net profit we made in intraday was 209 points today.

What we can expect on monday market?

The Nifty during closing recovered and closed in not so strong nor weak..So the monday market it will open in mild gap down and sustain in 6150 level.A fall down to 6084 may attract fresh selling and as per the pulse that time according to global cues panic selling may come...if by chnce it happens nifty will face a correction that correction may continue from short term to long term.I wish the traders to ook profits mainly the A group holdings.

The banknifty fall down to 12458 will attract positional shorts..and take it down to 12180/11800 levels.